WINNIPEG, Manitoba--The ICE Futures canola market was stronger on Tuesday, with chart-based positioning a feature as the nearby March contract settled above its 20-day moving average for the first time in nearly two months.

Gains in outside markets, including Malaysian palm oil and European rapeseed, provided underlying support. However, Chicago soyoil held near unchanged on the day, tempering the upside in the Canadian oilseed.

Forecasts calling for hot and dry weather in Argentina provided some support to the oilseed markets, according to a trader who noted that reports expanding biodiesel capacity in the United States were also underpinning values.

There were an estimated 35,627 contracts traded on Tuesday, which compares with Monday when 40,207 contracts traded.

Spreading accounted for 24,280 of the contracts traded.

Settlement prices are in Canadian dollars per metric tonne. 


 
Canola 
        Price   Change 
 Mar    639.10  up 2.80 
 May    643.10  up 1.90 
 Jul    646.90  up 1.80 
 Nov    644.30  up 2.60

Spread trade prices are in Canadian dollars and the volume represents the number of spreads: 


 
 Months             Prices              Volume 
 Mar/May    3.40 under to 5.40 under    7,935 
 Mar/Jul    7.40 under to 9.90 under      922 
 Mar/Nov    4.20 under to 7.70 under      130 
 May/Jul    3.50 under to 4.80 under    2,449 
 Jul/Nov    3.50 over to 2.20 over        578 
 Jul/Jan    2.60 under                      1 
 Nov/Jan    4.40 under to 5.20 under      114 
 Jan/Mar    0.20 under to 0.40 under       11

Source: Commodity News Service Canada, news@marketsfarm.com


(END) Dow Jones Newswires

01-23-24 1547ET